Property Renovation

Posted on 20 September 2010 by Clive Osborne


I am facing redundancy and would like to convert my hobby of renovating property into a business. I have £200k equity in my main property and would to downsize to release someof this as working capital. Would I be able to get a mortgage(on my new main home and also on a renovation property) if I was self-employed with no proven income?

Clive

I would think long and hard before embarking on this course of action. Our experience tells us that even well established property renovators are struggling at the moment.

It should be possible to arrange finance for you, though not necessarily a normal mortgage and the risk of this type of lending would be reflected in the price you would have to pay.

I recommend that you speak to a reputable independent mortgage broker with both commercial and short term funding experience. They will be able to give you the benefit of their own experience in arranging finance for existing players in this market.

Peter

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

You are currently offline. Some pages or content may fail to load.